Economic liberalisation in India started with substantial changes in industrial licensing policy. The LPG Model (Liberalisation, Privatisation & Globalisation) was introduced by Dr Manmohan Singh in 1991 as India was facing problems of depleting reserves. Under liberalization the industrial licensing policy was changed and under the new licensing policy the private players can set up their industrial units without obtaining license from government and thus private investment in India increased drastically.

Correct Option: A

Economic liberalisation in India started with substantial changes in industrial licensing policy. The LPG Model (Liberalisation, Privatisation & Globalisation) was introduced by Dr Manmohan Singh in 1991 as India was facing problems of depleting reserves. Under liberalization the industrial licensing policy was changed and under the new licensing policy the private players can set up their industrial units without obtaining license from government and thus private investment in India increased drastically.

For calculating national income, the Indian economy is divided into 14 broad sectors, which are then grouped into three main categories A, B and C. In India, agriculture, forestry and logging, fishing, mining and quarrying, registered manufacturing and construction units are included in category A. The output method is applied to category A. The value added by this category is found by subtracting the value of raw materials and other inputs from the aggregate of commodity-wise output.

Correct Option: A

For calculating national income, the Indian economy is divided into 14 broad sectors, which are then grouped into three main categories A, B and C. In India, agriculture, forestry and logging, fishing, mining and quarrying, registered manufacturing and construction units are included in category A. The output method is applied to category A. The value added by this category is found by subtracting the value of raw materials and other inputs from the aggregate of commodity-wise output.

Rate of GDP growth is a major indication of the state of the economy of a country. Economic growth is the increase in the market value of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in gross domestic product. Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in year, or other given period of time.

Correct Option: A

Rate of GDP growth is a major indication of the state of the economy of a country. Economic growth is the increase in the market value of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in gross domestic product. Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in year, or other given period of time.

The concept of mixed economy evolved from the ideas of Keynes. The concept of mixed economy means that both private enterprises and public enterprises coexist. However, the condition attached is that the private enterprises must work for serving the society rather than having only self interest. Further the private enterprises may not be allowed in every sector of the economy like area of national importance.

Correct Option: B

The concept of mixed economy evolved from the ideas of Keynes. The concept of mixed economy means that both private enterprises and public enterprises coexist. However, the condition attached is that the private enterprises must work for serving the society rather than having only self interest. Further the private enterprises may not be allowed in every sector of the economy like area of national importance.

Dadabhai, known as the Grand old man, wrote the book 'Poverty and Un-British Rule in India' describing the theory of economic drain of India during British rule.

Correct Option: D

Dadabhai, known as the Grand old man, wrote the book 'Poverty and Un-British Rule in India' describing the theory of economic drain of India during British rule.